The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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RiverFort Global Opportunities PLC - investment trust - Says fully diluted net asset value per share at December 31 is 0.68 pence compared with 1.35p a year prior. Net asset value premium to the share price falls to 74% from 82%. Pretax loss widens to £5.3 million from £866,430. Says 2023 was clearly a difficult year in terms of investment performance given the events that have taken place within its investment portfolio, however, the company is now very well positioned, with a significant cash balance and listed assets, to embark on a new direction which we firmly believe will be beneficial for all stakeholders. ‘We are currently actively progressing the acquisition of the trading assets of S-Ventures and will provide further updates for shareholders in due course,’ company adds.
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Hydrogen Utopia International PLC - London-based company, which specialises in the conversion of waste plastic into hydrogen and other carbon-free fuels - Subsidiary, Alister Future Technologies (AFT) Ltd is anticipated being awarded a grant of up to €300,000 under the EU Just Transition Fund EU Community and Enterprise Grants Scheme which is co-funded by the Government of Ireland and the European Union. The purpose of the grant is to fund the pilot phase of a waste plastic to hydrogen facility. Chief Executive Aleksandra Binkowska comments: ‘I am delighted to see the European Union recognise the potential of our waste plastic to hydrogen technology. Years of hard work are paying off, and my vision of the European Union backing the development of our technology is one step closer to reality - their support for our project is a significant milestone.’
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AFC Energy PLC - Cranleigh, England-based provider of hydrogen power generation technologies - Announces it has successfully delivered its highest power rated 200 kilowatt H-Power generator to date, utilising its S+ series liquid cooled fuel cell technology, marking an important landmark. This marks AFC Energy’s entry into the high power class of generators building on its market leading offering in the light to medium duty generator class. The generator builds on AFC Energy’s rapid response time and load following capability currently implemented in its S series air cooled fuel cell technology. AFC says it could be a catalyst for entry into high power class applications, including: electric vehicle charging, construction, maritime and data centres.
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PipeHawk PLC - Hampshire, England-based provider of technology for highways and for the automotive, rail and aerospace industries - Provides update in relation to its subsidiary, Thomson Engineering Design Ltd’s partnership with Unipart Rail Ltd. Says TED expects revenue, under a memorandum of understanding with Unipart, to total £500,000 in the year to June 30, above £30,000 a year prior. Notes a further £250,000 of revenue already booked for the year ending June 30 2025. Chair Gordon Watt says: ‘Our expectation is that TED’s partnership with Unipart Rail will provide a strong channel for growth in terms of revenue and profitability outside of the traditional TED work streams, which historically has predominantly been UK orders.’
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Xtract Resources PLC - Australian and Zambian-focused mining company - Announces the results of a second stage review of pre-concentration options for the Bushranger project in Australia prepared by Altrius Consulting Pty. The Altrius review concludes that while the Racecourse mineralisation is not considered amenable to upgrade by Tomra ore sorting, other methods of ore sorting/pre-concentration may be more suitable. Altrius recommends further test work on pre-screening, gravity separation and coarse particle floatation. Test work now being undertaken by ALS in Perth on pre-screening and dense media separation. Xtract Resources will provide an update on the initial results which are expected before the end of the third quarter of this year.
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Galantas Gold Corp - miner in Northern Ireland and Scotland - Announces the successful completion of its trial stopping program at the Cavanacaw gold mine in Northern Ireland. Chief Executive Mario Stifano says: ‘The trial has brought a high level of understanding to the mine development process and helped us conclude that the Cavanacaw Mine can be mined successfully, utilizing a longhole mining method and backfill. The trial stoping has provided sufficient information to bring a high level of confidence for a successful stoping program in the future.’
Says provisional revenue from concentrate sales totalled $1.1 million in 2023 and $207,000 in the first quarter of 2024. The net proceeds are being offset against development assets, until the mine commences commercial production.
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First Class Metals PLC - Blackburn, England-based metal discovery company with operations in northern Ontario - At Sunbeam, plans review and sampling of the Nuinsco core. Elsewhere, instructs Prospectair to commence a high-resolution magnetic survey of the Kerrs Gold property block. Further, notes plans for a stripping programme at the Dead Otter trend, North Hemlo. Chief Executive Marc Sale says: ‘The review of the Sunbeam property core, the geophysics survey over Kerrs and the preparation for work at Dead Otter herald an exciting field season for First Class.’
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Investment Evolution Credit PLC - AQSE-listed financial services firm specialising in online consumer loans - Announces a business strategy update and directorate change. Plans to appoint a new non-executive Finance & Compliance Director, in addition to its existing non-executive Director, by the end of July. This comes as Sam Prasad resigns as Director and Chief Finance Officer/Chief Operating Officer effective July 31. IEC says its short-term focus will be to maximise lending in the US in the higher margin states of Georgia, California and Nevada, until lending can potentially commence in the UK, subject to FCA authorisation. Also investigating opportunities to generate additional revenue streams by expanding its reach through new partnerships and licencing its intellectual property. Further, IEC terminates its Spain Implementation Agreement with Spain Co.
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ITV PLC - London-based television broadcaster and content producer - Reports €316.2 million aggregate nominal amount of notes were validly tendered for purchase relating to the tender offer. ITV expects to set the final acceptance amount at around €240 million in aggregate nominal amount of notes. Earlier June, ITV announces cash tender offer for its £600 million 1.375% notes due September 26, 2026.
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